ARPA Update as of August 28, 2026

By: Russ Kamp, CEO, Ryan ALM, Inc.

Good morning! I hope that you enjoyed the last weekend in August. If you live around NJ, you likely had a top-10 weather day for 2026. It was spectacular.

Regarding ARPA and the PBGC's implementation of this critical pension legislation, the proverbial floodgates have opened, as a plethora of new applications are being reviewed. For much of 2026, the PBGC had between 8-10 applications under review at any point in time. There are currently 32 funds, including many new applications that fall within the Second Circuit related to plans that suffered a mass withdrawal prior to 2020, that are seeking Special Financial Assistance. If those applications are approved, another $1.4+ billion will go to support 63.4k plan participants.

However, there is one wrinkle for which I need to get more info. California Winery Workers' Pension Plan, Fresno, CA, which is NOT located in NY, CT, or VT, submitted an application on 8/21/26. This is the first non-Second Circuit mass withdrawal plan to submit an application for SFA. We were led to believe that only plans from the three states within the Second Circuit would be permitted to file for SFA. Will this development prove to be a one-off?

In other ARPA news, Retail Bakers' Pension Trust Fund of St. Louis, a non-priority plan, had its revised application approved. They will receive $6.5 million for the 566 members.

Pleased to report that no applications were denied or withdrawn during the previous week, and one fund, Defined Benefit Plan for the Operative Plasterers' and Cement Masons' International Association Local Union 394 Pension Trust Fund, was added to the waitlist, as another mass withdrawal casualty prior to 2020.

Clearly, we have some homework to do to understand the circumstances surrounding the application submitted by the Winery Workers. In the meantime, it is great to see that fourteen Second Circuit plans are now in the queue to potentially receive SFA.

ARPA Update as of August 21, 2026

By: Russ Kamp, CEO, Ryan ALM, Inc.

Welcome to the last full week of August. How is that possible? What does the final third of 2026 have in store for us? Equity investors will hope that the good times roll, while active fixed income managers/investors hope that something changes to stabilize U.S. rates and their near-term prospects. Let's not forget the mid-terms. The next four months should be quite interesting.

Regarding the PBGC's implementation of the ARPA pension legislation, last week proved to be busy, as 6 pension funds submitted applications seeking special financial assistance (SFA). One of the five, Bindery Industry Employers GCC/IBT Pension Plan, a Priority Group 1 plan, submitted a revised application. Bindery first submitted an application back in February 2023. They are seeking $18.8 million for 686 members of its plan. The other five applicants are all listed as having been impacted by mass withdrawal prior to 2020. Collectively they are requesting $128.4 million for 3,272 participants. As reported previously, the PBGC is accepting applications from those plans located in the Second Circuit (NY, CT, and VT), and each of these five plans are domiciled in NY.

In other news, there were no plans receiving approval, but there were also no plans being denied based on ineligibility. Furthermore, there were no plans withdrawing an application in the prior week, too.

There remains plenty of work for the PBGC as they currently sit with 19 applications in front of them. The good news for those potential SFA recipients: U.S. interest rates remain inflated providing those plans with the potential to significantly reduce the cost of those future benefits that they will be covering. I implore those plans to secure the promises through a cash flow matching (CFM) implementation. There is so much more downside risk to potential reward by choosing to go active with allocations to both core fixed income and equities.

ARPA Update as of July 24, 2026

By: Russ Kamp, CEO, Ryan ALM, Inc.

I hope that you are enjoying a wonderful summer weekend. I'm currently writing this post from an Amtrak train on my way to the Opal Public Fund Forum in Newport, RI. What a beautiful day for a train ride.

There is some very exciting news to report in this week's update following several ho hum weeks with little to disclose. I'm pleased to report that a "Plan Terminated by Mass Withdrawal before 2020 Plan Year" has been invited to submit an application seeking Special Financial Assistance (SFA). As a reminder, there are 80 such plans on the "waitlist". Could this be the crack in the dam that opens the flood gates?

Retirement Plan of Local 1102 Retirement Fund, the first mass withdrawal applicant, is seeking just over $3.7 million for 220 plan participants. I'll be following this story closely and reporting as information becomes available. In addition to 1102, four other pension funds were permitted to submit revised applications, including America's Family Benefit Retirement Plan, a Priority Group 1 member. They are one of just three members from that cohort that have not yet received SFA. They are hoping to secure $186.7 million for its 3,109 members.

The other three plans resubmitting applications are UFCW, Local 23 and Giant Eagle Pension Plan, Plasterers Local #1 Pension Plan, and Colorado Cement Masons Pension Trust Fund, who collectively are trying to secure $37.1 million for just under 7.5k plan members.

There is little to report this week beside the activity associate with the resubmission of four applications and the one initial application, as there were no applications approved, denied, or withdrawn.

U.S. interest rates (based on the Treasury yield curve) continued to rise last week as inflationary concerns escalated primarily due to uncertainty in the Middle East and its impact on the price of oil. Given the higher rates, new and future SFA recipients will be able secure those future benefits at a reduced cost. We're pleased to provide you with a free analysis on just what those cost savings could be and how far into the future those benefits could be secured.